Export and import documentation forms a vital part of all the international trade transactions. It supplies importers and exporters with the records related to cost and accounting, and banks with directions and accounting tools for collecting payments.
● Purchase order − International transactions rely on the client’s purchase order. Basically they engage a large commercial client, the purchase product is the main agreement form and it constitutes the first offer.
● Commercial invoice − This includes all the data related to international sale. The product or quantity or cost or delivery and payment conditions as well as the taxes involved also go into the invoice.
● Packing list − It is an elaborate version of the commercial invoice but does not include cost information. This includes invoice number, capacity, number of packages, shipping marks, and a copy of packing list is affixed with the shipment itself.
● Irrevocable letter of credit L/C − Here the exporter gets paid if records prove that quality products have been delivered. He needs to produce the corresponding documents for the letter of credit to be issued to him. This letter of credit cannot be cancelled once it is issued.
● CMR document − It is an international project note used by drivers, operators and forwarders. The document monitors the activities involved in the carriage of products by road universally as mentioned in the agreement.
● Bill of lading B/L − It is a document produced by the agent of a carrier to a shipper, signed by the captain, agent or the exporter. It contains the terms and conditions on which transportation is made and also the products shipped.
In short, export and import documentation is a onetime licensing procedure followed by almost all the countries interested to participate in international marketing. In India, IEC number is used as the unique identification code for documenting import and export.